The story for Feb really came down to two small opposite shifts in product lines: Detached market tightens while apartments remain oversupplied.
Calgary’s market conditions continued to vary significantly by property type through February, creating very different experiences for buyers and sellers depending on the segment.
The tightest conditions remained in the detached and semi-detached markets, where inventory levels stayed below three months of supply. While pricing across most price points remained relatively flat overall, we did see the return of multiple-offer activity in homes priced below $700,000, along with strong interest in well-presented, newer listings in the higher-end segments.
Row homes continued to sit in a more balanced position, with slightly more supply relative to demand, while still maintaining healthy activity.
On the other end of the spectrum, apartment-style properties continue to face excess inventory, with conditions still leaning in favour of buyers. That said, as we move deeper into spring, I do expect some pent-up buyer demand—particularly from first-time home buyers—to begin re-entering the market, which should help support activity in both the condo and row-home segments.
As Calgary Real Estate Board Chief Economist Ann-Marie Lurie noted:
“Slowing migration levels are coming at a time when supply for apartment-style homes is rising. Calgary reported record high starts last year, mostly due to gains in apartment starts where there are nearly 18,000 units currently under construction. While a large share of the units is targeted for rental, this also impacts condo ownership markets. Meanwhile, on the opposite end of the spectrum, the detached market remains relatively balanced in the higher price ranges and continues to struggle with limited supply for homes priced below $700,000.”
February recorded 1,526 sales, representing an 11% decline compared to last February. Much of this slowdown came from a notable pullback in row-home and apartment sales.
That said, it’s important to keep this in context.
Q1 of 2025 was still operating in strong seller-market conditions, with much of the stall not arriving until Q2 when tariffs, elevated interest rates, and general economic hesitation began to impact consumer confidence. Against that backdrop, I actually see the current level of activity as encouraging and positive news for the spring market ahead.
Seasonally, we often see modest price gains early in the year after the softer pricing seen toward year-end, and February largely followed that pattern across most product types. The exception continues to be apartment-style homes, where benchmark prices continued to soften.
For condo sellers in particular, pricing strategy is becoming increasingly important. Entering the market at or slightly below current comparable values—and timing your launch when competing inventory is lighter—can make a meaningful difference.
A question I’m getting a lot right now is: “Are apartments still selling?”
The answer is yes—well-priced units are absolutely moving. However, even competitively priced listings are generally taking longer to sell simply because buyers currently have more choice.
Looking ahead, Calgary is still forecast for a relatively flat year in terms of overall price appreciation, but I do expect a more active spring market for both buyers and sellers.
Buyers should finally start to see fresher inventory coming online, while sellers should prepare for more competition than we saw in early 2025. Overall, I expect the market to remain active and continue moving steadily through Q2.
February Market Recap: By Property Type & Area
February continued to show very different market conditions depending on product type and location.
Low-density housing — especially detached and semi-detached homes — remained the strongest segments, with tighter inventory and stable pricing in many districts.
Meanwhile, row homes stayed balanced, and apartment condominiums continued to face excess supply, which is creating more opportunities for buyers and putting pressure on pricing.
Regionally, surrounding communities such as Airdrie, Cochrane, and Okotoks are generally trending toward balanced conditions, with Okotoks still showing the tightest supply.
By Product Type
Detached
- 736 sales | 1,269 new listings
- Sales-to-new-listings ratio: 58%
- Inventory continues to build, but supply remains balanced at just under 3 months
- Benchmark price: $734,300
- +1% month-over-month
- -3% year-over-year
- Strongest districts: City Centre & West
- Softest area: North East, where excess supply continues to limit price growth
Semi-Detached
- 175 sales | 253 new listings
- Sales-to-new-listings ratio: 69%
- Tightest segment overall at 2.4 months of supply
- Benchmark price: $682,200
- +2% month-over-month
- Flat year-over-year
- Stronger districts: City Centre, North West, West
- Softer districts: North East, North, South, South East, East
Row Homes
- 270 sales | 491 new listings
- Sales-to-new-listings ratio: 55%
- Market remains balanced at just over 3 months of supply
- Benchmark price: $423,600
- Seasonal monthly increase
- -5% year-over-year
- Largest declines: North East & East (-10%+)
- Stronger pricing resilience: West & City Centre
Apartment Condominiums
- 345 sales | 753 new listings
- Sales-to-new-listings ratio: 46%
- Oversupplied with 1,580 active units
- Supply remains well over 4 months
- Benchmark price: $298,600
- -1% month-over-month
- -9% year-over-year
- Softest district: North East (11+ months supply)
- Strongest district: South (under 4 months supply)
- Largest declines: North East, East, South East (-10%+)
Regional Market Facts
Airdrie
- 122 sales | 236 new listings
- Sales-to-new-listings ratio: 52%
- Balanced conditions at just over 3 months supply
- Benchmark price: $512,200
- Flat month-over-month
- -5% year-over-year
- Increased competition from new construction continues to affect resale pricing
Cochrane
- 91 sales | 154 new listings
- Sales-to-new-listings ratio: 59%
- Balanced market with 3 months supply
- Benchmark price: $553,500
- Slight monthly increase
- -3% year-over-year
Okotoks
- Supply remains tighter than surrounding markets
- Under 3 months supply
- Benchmark price: $612,300
- +2% month-over-month
- Roughly flat year-over-year
- Still one of the tighter regional markets heading into spring
